Krugman, As Usual

Doesn't it seem at times as if there is only one newspaper columnist in the country who is actually allowed to tell the truth?

"...how can you justify enriching the already wealthy while making life harder for those struggling to get by? The answer is, you need an economic theory claiming that such a policy is the key to prosperity for all. So supply-side economics fills a need backed by lots of money, and the fact that it keeps failing doesn’t matter.

And the Kansas debacle won’t matter either. Oh, it will briefly give states considering similar policies pause. But the effect won’t last long, because faith in tax-cut magic isn’t about evidence; it’s about finding reasons to give powerful interests what they want."

Let me remind you about John Stockman, Ronald Reagan's budget director.  In the second edition of his memoirs, he added a section describing Reagan and his advisors ridiculing anyone who actually believed in supply-side economics.  It was never anything but an excuse to tip the economy in favor of the rich, and if even its creators, Milton Friedman and Arthur Laffer, believed what they were saying, they were fools.

Not as big fools as the American people, however, who have stood by and done nothing while their way of life was ruined.